Investment Strategist: 8 stocks Wall Street is IGNORING! — Transcript

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1. 0:00Jeremy, I'd love to start with you. You
2. 0:01shared a handful of investment themes
3. 0:04that you're watching right now, and one
4. 0:06of them is rising defense spending for
5. 0:08NATO. Can you explain why you're bullish
6. 0:11on this theme, and then maybe share some
7. 0:14example stock picks that you have
8. 0:16selected based on that theme?
9. 0:18>> Yeah, for sure.
10. 0:19This is something that is often
11. 0:21overlooked.
12. 0:23Uh
13. 0:24Maybe uh for US investors or or in
14. 0:27others. So, we are based in Canada, and
15. 0:31there's a big plan from the government
16. 0:34to spend like, I think it's
17. 0:36500 billion dollars over next
18. 0:406 years on defense spending to kind of
19. 0:44separate from being a
20. 0:49to rely on US defense. So, where they
21. 0:52are spending on on space, on defense,
22. 0:55drones, planes, everything. And this is
23. 0:58really good for like small cap to mid
24. 1:01cap, and maybe even big companies in the
25. 1:03in Canada. And it's the same thing that
26. 1:06we saw
27. 1:08in Europe
28. 1:09that has already play out and is still
29. 1:12playing out, but in Canada it's earlier.
30. 1:14So, we have a company that is CAE Group.
31. 1:17It's It's It's a really big company It's
32. 1:19a really small company, but it's kind of
33. 1:21big in They do many, many things. And we
34. 1:25Me and my partner, we met with their CEO
35. 1:27and CFO like four or five times, and
36. 1:30they were like trading badly.
37. 1:33And since they changed the CEO, I think
38. 1:35it's 1 year ago we entered it the stock,
39. 1:38and the stock is up 90%. [clears throat]
40. 1:40>> What's the ticker? The ticker?
41. 1:42>> It's CGI.
42. 1:45>> CGI?
43. 1:46>> Yeah, CAE Group. And this It's a Ottawa
44. 1:49company in Canada.
45. 1:52And this company had really uh
46. 1:56maybe some problems, and since the CEO
47. 1:58took place of the CEO,
48. 2:01they they really started
49. 2:03uh
50. 2:05maybe beating on earnings, not missing
51. 2:08guidance, and everything, and consumer
52. 2:10uh investors' confidence came back. And
53. 2:13since then, they they just they even get
54. 2:15got rid of a division that we on our own
55. 2:18thought they should get rid of that was
56. 2:20hurting earnings and their free cash
57. 2:23flow. And now, it's like even we could
58. 2:25see a small free cash flow machine of
59. 2:27like every earnings they do really well,
60. 2:29they do an acquisition, they they
61. 2:31they're really And they are winning a
62. 2:33lot of contracts because of the team.
63. 2:36So, it's a company that on its own could
64. 2:38have done really good, but when you add
65. 2:41That's why we we love to have a thematic
66. 2:43that is
67. 2:45it's like having the double, you know,
68. 2:47it's double the the
69. 2:50how the opportunity opportunity can play
70. 2:52out. So, that's why each of these
71. 2:55factors are like
72. 2:57adding momentum and fuel to the
73. 2:59the story.
74. 3:00>> Do you think that it's run up so much
75. 3:03that it's a bad purchase if you got in
76. 3:05today? Like, should I come in at today's
77. 3:08levels and take a new position?
78. 3:11>> We are still holding it, so
79. 3:13and we didn't sold any uh uh I don't
80. 3:17think we sold any uh
81. 3:19or cut waiting. So, it's company that we
82. 3:21still holding could probably still
83. 3:23double if the the contracts are there
84. 3:25and they keep improving, but clearly
85. 3:28it's not as early as it was 1 year ago.
86. 3:30>> Sure.
87. 3:30>> But, there could be a 40% upside easily
88. 3:34in it.
89. 3:35>> Wow. Um
90. 3:36let let's go to this next theme that you
91. 3:38have, nuclear power demand. Why do you
92. 3:41like this theme?
93. 3:43>> It's a theme that has been on for a
94. 3:45couple of years and maybe decades, and
95. 3:48it's really
96. 3:50like most commodities, it's really
97. 3:53cyclical. But with nuclear cyclical. But
98. 3:57with nuclear, you have like it was
99. 4:00already something um
100. 4:02a generalist analyst, but
101. 4:05I'm also more focused on commodities.
102. 4:07So, it's a field that I know well and I
103. 4:09often meet with like experts or the
104. 4:11companies itself.
105. 4:13And with uranium, it was really because
106. 4:17like
107. 4:18with nuclear, you always talk about
108. 4:20uranium.
109. 4:21And it was a team that was really
110. 4:23compelling because there was there's
111. 4:25going to be and it's already start uh
112. 4:28started
113. 4:30a supply shortage of like companies that
114. 4:32are trying to sup to secure supply
115. 4:36for the next few years. But when it's
116. 4:38uranium, you need to like
117. 4:40uh sign your contract and order of
118. 4:43delivery years in advance. So, sometimes
119. 4:46investors are
120. 4:48PMs, they would look at charts or the
121. 4:51story and they were like, "Okay, we
122. 4:53still need to wait. It's too early." But
123. 4:56actually, it will play probably earlier
124. 4:59than they think. So, that's part of our
125. 5:02our thesis. And I met with like it's
126. 5:05it's it's the biggest company in the the
127. 5:07world in uranium that is not a state
128. 5:10country-owned company. It's Cameco.
129. 5:13And
130. 5:15Cameco Corporation, they are they trade
131. 5:17both in US and Canada. So, ticker is
132. 5:19CCJ.
133. 5:20>> CCJ?
134. 5:22>> Yeah.
135. 5:23And it's a company that is a big big
136. 5:25producer. And in the US, it's small
137. 5:27companies that maybe are like
138. 5:30it's promises of we will produce. So,
139. 5:32we're kind of avoiding these ones and
140. 5:34playing it maybe more safely with with
141. 5:37Cameco. And
142. 5:39something that we also have is a company
143. 5:43that is Yellow Cake in the UK, which is
144. 5:46way smaller. I think that market cap is
145. 5:481 billion and the carrier is WCA.
146. 5:53>> WCA?
147. 5:54>> Yeah. And I also met with their CEO
148. 5:57like 2 weeks ago and he was really
149. 5:59bullish and saying that like clearly
150. 6:02the momentum should pick up in this
151. 6:06this market and commodity.
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164. 6:36markets. Now, let's get back to this
165. 6:38episode.
166. 6:41And you think these two stocks are also
167. 6:44attractive to enter right now at current
168. 6:46levels?
169. 6:47>> Yeah, I think it's really early.
170. 6:49Much earlier than I thought.
171. 6:52>> Okay, interesting. Um
172. 6:55I want to ask you about this next theme
173. 6:56here, Latin America economic growth. I
174. 6:59know you're paying attention to this and
175. 7:01as it turns out, one of the ETFs I've
176. 7:03owned for
177. 7:05almost a year is ILF, which is the
178. 7:08iShares Latin America ETF. I think it's
179. 7:11up like 25% this year, so it's done
180. 7:13extremely well. Tell me about your
181. 7:15thesis on Latin America and then what
182. 7:19you think the stocks are that win from
183. 7:21this.
184. 7:22>> Yeah, Latin America is really big. So
185. 7:26what I do often, I try to maybe you did
186. 7:29well with selecting the all ETF, but
187. 7:31there's also an ETF for each of the big
188. 7:35countries they have in their own stock
189. 7:37market. So how it works in LatAm
190. 7:40usually, there would be a cycle of like
191. 7:42maybe a loop of a key there is election
192. 7:46in Peru. So there would be
193. 7:50if the right maybe candidate that is
194. 7:54that seems more market friendly for
195. 7:56investors and usually it's for US
196. 7:58investors because the funds are at
197. 8:00funds. They add a lot of liquidity into
198. 8:03these markets and they need it and it
199. 8:05it's really good for their companies and
200. 8:07there are less taxes and everything. So
201. 8:09all of this together usually if it goes
202. 8:13well it can like we saw in Peru. I think
203. 8:16they they their ETF of their country run
204. 8:19for like 100% in two years after
205. 8:22election. So usually it's like this.
206. 8:24There was Colombia Chile. It's and each
207. 8:28election is like the next in the loop
208. 8:30and you can always like circle back
209. 8:32years after years and right now the
210. 8:35the recent one is Brazil. So right now
211. 8:38the the one we are we have most
212. 8:40conviction in is Brazil. There was like
213. 8:43a really tied election early October. So
214. 8:46I think it's next next week. It's just
215. 8:49around so a company that we we like is a
216. 8:54new bank ticker and new and you
217. 8:58>> and you okay
218. 8:59>> Yeah it's a big bank that is more
219. 9:01fintech but
220. 9:02I think it's 80 billion market cap it's
221. 9:05really good big bank that is not only in
222. 9:07Brazil but also in other
223. 9:09so the or
224. 9:11maybe something interesting about a
225. 9:12company is that in Latin America there's
226. 9:14a lot of
227. 9:15cities and citizens that are maybe
228. 9:19far from cities. So they did they don't
229. 9:21always have the possibility to go to a
230. 9:23bank or something and this bank goal was
231. 9:26to create something that you have the
232. 9:28bank on your phone.
233. 9:30So they they they
234. 9:32there was a lot of like
235. 9:34cost cutting on having a
236. 9:37not stores, but like
237. 9:39a bank that you can go physically
238. 9:41and having it on your phone, so there is
239. 9:43both. And this one is seems as more
240. 9:46citizens maybe friendly. So, it's really
241. 9:49becoming popular in LatAm.
242. 9:51And
243. 9:52this this company that is we think is
244. 9:55really cheap right now. Uh
245. 9:57we spoke with a lot of Brazil
246. 10:00analysts and
247. 10:02portfolio managers and clearly there's
248. 10:04something going on. There's a lot of US
249. 10:07investors that are buying it. I think
250. 10:09Stanley Druckenmiller has a position,
251. 10:12you know, so traction is getting
252. 10:15is that is getting good there.
253. 10:18>> And Nubank was in ILF as well. I may be
254. 10:23mistaken, I'll have to double-check, but
255. 10:25>> ETF, for sure.
256. 10:27>> I think so, yeah.
257. 10:29Um
258. 10:29>> I'm sure [clears throat] it's in Yeah.
259. 10:31>> J- just to
260. 10:32recap, a lot of the reason that ILF and
261. 10:37the countries you're naming here has
262. 10:38done so well is because there's been a
263. 10:40right-wing political shift across all of
264. 10:42Latin America. So, that is the
265. 10:44pro-business, smart and friendly policy
266. 10:47makers coming in and essentially global
267. 10:50investors are seeing that and wanting to
268. 10:52buy all these Latin America stocks. So,
269. 10:54I I like the thesis. I think that makes
270. 10:57sense. Nubank
271. 10:58I I like that stock as well.
272. 11:00So, tell me about this You have this
273. 11:03next theme um that you named. I know
274. 11:07that your partner did this research, but
275. 11:09AI in pharmaceutical development. I do
276. 11:11want to hear sort of a high-level
277. 11:12approach to why you're bullish on this
278. 11:15theme, and then if you have an example
279. 11:16on that stock on that theme as well.
280. 11:19>> Yeah, so
281. 11:21my partner used to be a healthcare
282. 11:23analyst at a buy-side fund, so he knows
283. 11:26it well, but I also cover these
284. 11:28companies, so I know the thesis. So,
285. 11:31I think right now we have two three
286. 11:33health care companies, but we used to
287. 11:35have others that we exited. So, we're
288. 11:38always looking for new ones. And
289. 11:40usually in health care you could
290. 11:42look at like medtech, pharma, biotech.
291. 11:46There's a lot of like different
292. 11:48sub-sector within all this big
293. 11:52sector. And for AI and pharma,
294. 11:56the thing that has happened is that
295. 11:59maybe a bit like what we saw with
296. 12:01softwares and like AI that are
297. 12:03disrupting the software companies, will
298. 12:07we still need them and everything? There
299. 12:09was like a big fear that it was growing
300. 12:13of
301. 12:14the market what
302. 12:16doubt that okay, we're looking at
303. 12:19pharma, what if AI and cloud science can
304. 12:23do the same that a a company can do like
305. 12:26Eli Lilly or something, you know?
306. 12:29And
307. 12:30so we saw that this was overblown and
308. 12:33they
309. 12:34this wouldn't last and these companies
310. 12:38took it and even life science companies
311. 12:41life science tools and everything. So,
312. 12:43we did really well with a company it's
313. 12:45broker that we don't own now, but we did
314. 12:47I think 50% in couple months.
315. 12:50There is ticker is B car B R car R or
316. 12:55something.
317. 12:55>> Okay.
318. 12:56>> And yeah.
319. 12:57>> What what's a current stock you hold in
320. 13:00this theme?
321. 13:02>> Currently we have
322. 13:04GMED.
323. 13:07>> And the ticker ticker for GMED?
324. 13:09>> G M E D.
325. 13:11>> Oh, oh, Globus Medical. This company.
326. 13:13>> sorry. Sorry.
327. 13:14>> Globus Medical, the ticker is GMED. Got
328. 13:17it. Okay, why why do you like this
329. 13:18stock?
330. 13:19>> So, this company is
331. 13:21a company that has has been in the
332. 13:23business for a a time. Management
333. 13:26[clears throat]
334. 13:26is really good and it's company out of
335. 13:29as been it
336. 13:31like as a maybe collateral to all of
337. 13:34what I explain of these fears and ill
338. 13:36care as all that has been punished by
339. 13:38the market. But it's a company that
340. 13:41doesn't really get affected by it
341. 13:42because they do a
342. 13:45surgery surgical
343. 13:47tools and everything. So it's not
344. 13:49something that AI can do
345. 13:52or replace them. So they are just doing
346. 13:54their own thing and we the reason where
347. 13:58we were entering the the company
348. 14:00recently was that
349. 14:01clearly we we were seeing that they were
350. 14:03at inflection [clears throat]
351. 14:04point
352. 14:06on their earnings. So we think next
353. 14:07quarter is in the next after it on free
354. 14:10cash flow it's starting to
355. 14:12to get momentum and it should returns on
356. 14:15really good earnings.
357. 14:17And I think that
358. 14:20they're growing at a good pace. There is
359. 14:22no like okay, it was growing at 20% and
360. 14:24now it's five, you know, that there's
361. 14:26nothing that has happened in that maybe
362. 14:28justify a drop in in their share price.
363. 14:31So where it's company that is already
364. 14:33recovering and that we see gaining more
365. 14:36as more arms signed in it.
366. 14:38>> I love it. Um Jeremy, there's a few
367. 14:41stocks you sent over that I'm not sure
368. 14:43which themes these fit into, but I want
369. 14:46to go through each of them here.
370. 14:48Century Aluminum CENX.
371. 14:51Why do you like this stock?
372. 14:53>> So this one so far has not played out
373. 14:56maybe as
374. 14:57I wish it would, but it's still really
375. 15:00good conviction. So I could even double
376. 15:02down and wouldn't be that worried. So
377. 15:05it's a aluminum company based in the US
378. 15:08and it's a
379. 15:09kind of a old company.
380. 15:12And what has happened is usually before
381. 15:15all the tariffs and Trump drama and
382. 15:17everything
383. 15:19there was Uh, most of production was in
384. 15:21Canada or like Australia and everything.
385. 15:24But, since then Trump has kind of made a
386. 15:27mission of Okay, we will restart
387. 15:30a a foundry of aluminum in the US. I
388. 15:34think it's Oklahoma or Indiana. So,
389. 15:36Century Aluminum right now, I think it
390. 15:39worked for them. They are at 100%
391. 15:42capacity of
392. 15:44like
393. 15:45the company is doing really well and
394. 15:47producing a lot of aluminum. But, in the
395. 15:50US there's a big
396. 15:51It's mid It's called Midwest Premium.
397. 15:55So,
398. 15:56the the the price you pay is higher than
399. 15:59let's say maybe elsewhere because of the
400. 16:01tariff and everything. So, it's really
401. 16:03good for the companies because they
402. 16:04change they can charge more. And where
403. 16:08the CEO of this company said, and I
404. 16:10think like he's right, next two earnings
405. 16:13should be best they ever had because
406. 16:15they never were at 100% capacity
407. 16:19production
408. 16:21>> I haven't heard of that company. I I
409. 16:23think it's a pretty interesting thesis
410. 16:24and
411. 16:24>> They also have a stake in like a data
412. 16:27center. And aluminum is will is and will
413. 16:32be more and more a bit like copper used
414. 16:35in data centers, anything AI related.
415. 16:38So, it's it's kind of a critical mineral
416. 16:40that is in one that will be part of all
417. 16:43of this trend of commodity.
418. 16:46>> One quick note everyone, YouTube is
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425. 16:59it. Now, let's get back to the episode.
426. 17:02As long as the AI boom is still going, I
427. 17:05think these minerals and rare earths,
428. 17:08that anything in that theme is probably
429. 17:11going to do pretty well, especially
430. 17:14because the Trump administration is also
431. 17:16picking and choosing which companies in
432. 17:18rare earths to be taking government
433. 17:20stakes in. I think that is super
434. 17:21interesting as well. I don't know if
435. 17:23this is on the White House's radar, but
436. 17:25maybe it should be. Um, this next stock
437. 17:28here, Jeremy, MDA Space, the ticker is
438. 17:31MDA. Why do you like this stock?
439. 17:34>> This is a a company that is
440. 17:37Well, they are based in Ontario, but
441. 17:39they all
442. 17:40have a big
443. 17:42facility in Montreal where I'm based,
444. 17:45where where I am based. So, I I I know
445. 17:47the company well. I met with with them.
446. 17:50And it's a company that has been in the
447. 17:52business since like the '70s. So, it's
448. 17:54old company, but since like
449. 17:575 or 10 year I think they IPO'd 6 years
450. 18:00ago or something. It was really on a
451. 18:02really good good upside path, and it
452. 18:05took a dip recently because of
453. 18:08on their backlog and the contracts they
454. 18:10receive,
455. 18:11the the they are like not always
456. 18:16They are art predict how they will do
457. 18:18next earnings and everything. But and
458. 18:20there's a concentration on customers
459. 18:23that are selective because
460. 18:25But this is a company that has also
461. 18:27benefited from the team we we spoke
462. 18:29earlier of NATO defense because Canada
463. 18:31is spending a lot on this defense and
464. 18:34the it's a space company, but it they
465. 18:37don't do in the space. It's more like
466. 18:39they do satellites or orbits,
467. 18:41things that go in the space.
468. 18:44So, the the dual companies and mostly
469. 18:47military of Canada that are buying their
470. 18:51what they're producing and they're
471. 18:53they're just receiving more and more um
472. 18:56contracts from government and the time
473. 18:58is really huge
474. 18:59for this company. So, we we just think
475. 19:02that that that it's a a drop that will
476. 19:05eventually just re-rate and it's company
477. 19:09that is trading pretty cheaply right
478. 19:10now.
479. 19:11>> How do you think SpaceX plays into that
480. 19:14thesis? Like, does it make this stock
481. 19:17you're you're naming here, MDA, does it
482. 19:20Is that more bullish for MDA because
483. 19:22SpaceX is suddenly
484. 19:24reporting these much bigger earnings
485. 19:25than people expected, they're kind of
486. 19:28dominating the conversation in space?
487. 19:30What do you think of that?
488. 19:32>> It doesn't really play
489. 19:34It doesn't really import for MDA that
490. 19:37SpaceX is there because they don't It's
491. 19:39not really a client. So, there would be
492. 19:42a Okay, maybe I think MDA was on the
493. 19:45table for having some NASA contracts.
494. 19:48But, with Trump and everything, it's
495. 19:51they said it was unclear if maybe
496. 19:54they were still authorized or not, but
497. 19:56they said they would because they have a
498. 19:58facility in the US as well, but we never
499. 20:00know. But, it's not
500. 20:02unlike the company as itself and
501. 20:05earnings and everything, I don't think
502. 20:06there's a link with SpaceX, but you're
503. 20:09right on maybe the the team as a all
504. 20:12with space and it's a space company. If
505. 20:14SpaceX gets maybe
506. 20:18more momentum, like they had really good
507. 20:20earnings yesterday,
508. 20:22and it recovers, it should probably help
509. 20:25MDA to get more eyes on it and have a
510. 20:28bit
511. 20:28a better spotlight. So, that should
512. 20:30benefit in this way.
513. 20:32>> A lot of the investors I know, they are
514. 20:34super bullish on space as a theme, and a
515. 20:37lot of them were very bullish before the
516. 20:40IPO of SpaceX, but I think since they've
517. 20:43seen the retail appetite for SpaceX,
518. 20:46they've gotten even more optimistic
519. 20:48about how to invest in space, where
520. 20:50space is going. They expect a lot more
521. 20:52companies to be built over the next
522. 20:54couple years in the space vertical. I
523. 20:56think that's pretty interesting.
524. 20:58Th- This next stock here, XP, this I
525. 21:02think is part of your Latin America
526. 21:03theme. It's a Brazilian investment
527. 21:05management company.
528. 21:07Why do you like this stock?
529. 21:09>> It
530. 21:09>> don't own this one, but it's company
531. 21:11that
532. 21:12we we spoke about.
533. 21:15>> Got it. Okay, so is it something that
534. 21:17you're thinking about taking a position
535. 21:18in?
536. 21:19>> It's similar like no, because we maybe
537. 21:21we missed the boat because like it's up
538. 21:2460% this month
539. 21:25with the Brazilian election, but it's
540. 21:27similar to maybe what new bank
541. 21:30but it a a smaller it's they they do
542. 21:33more of like financial advisor and
543. 21:35everything. But the company play out
544. 21:37really really well. So it's just company
545. 21:38that was in the team, but it's not
546. 21:40someone that a one that as a
547. 21:44>> Okay, so
548. 21:45>> maybe more.
549. 21:45>> This is one that you're not trying to
550. 21:48get into at current levels and maybe
551. 21:50other investors shouldn't think about it
552. 21:52either.
553. 21:53>> It's tricky with the election. Maybe
554. 21:55after election if it goes well, it can
555. 21:57still double.
556. 21:58But right now it's still a bit tricky.
557. 22:01>> Got it. Okay.
558. 22:02Um
559. 22:03And then I got to ask you about Nvidia.
560. 22:06You've done a lot of work on Nvidia and
561. 22:08this is such an interesting stock cuz
562. 22:10it's actually very controversial. Some
563. 22:11people hate it. They're still trying to
564. 22:13figure out when to short it. They think
565. 22:15it's at the center of circular financing
566. 22:17risks, of course, and it's at the center
567. 22:19of an AI bubble if you subscribe to that
568. 22:21belief.
569. 22:22You are very bullish on Nvidia and I
570. 22:24specifically want to ask you about
571. 22:27inference as the next catalyst for
572. 22:28Nvidia because I I know you've written
573. 22:30about that. What What does that mean?
574. 22:33>> Uh but well, first on Nvidia, it's funny
575. 22:36because at first in the past I would say
576. 22:38that I hated the company because
577. 22:41when you kind of miss a generational
578. 22:44I shouldn't say this, but run and a
579. 22:46company goes up like this and AMD and
580. 22:49everything, you're kind of
581. 22:52>> You feel like you missed out.
582. 22:54>> Yeah, but then you actually look at the
583. 22:56company and
584. 22:58AI it's it's like it's a AI company. So
585. 23:02we don't have many AI companies in our
586. 23:04portfolio, but it's one that we see as
587. 23:07maybe one that is really here to stay
588. 23:10and often
589. 23:12uh
590. 23:13maybe on our thesis and inference and
591. 23:15everything.
592. 23:17If you look at like all the AI
593. 23:19ecosystem, it's always Nvidia that that
594. 23:22is
595. 23:23either just there or at the center of
596. 23:26the ecosystem. And that's what what they
597. 23:28explained to me when I
598. 23:30I met with the the company.
599. 23:32And clearly
600. 23:35like even if you know we will have the
601. 23:38IPO of Anthropic, Open AI uh
602. 23:41if we do, but I hope the the IPO, but
603. 23:45it's a company that even if those don't
604. 23:47go well or if optics don't go well and
605. 23:50anything, it it will always be there
606. 23:52because they will always have a
607. 23:54a edge in something. So, inference,
608. 23:57robotics. So, it's part of everything,
609. 23:59so it when we we see investors looking
610. 24:02at different IDs that are maybe more
611. 24:05overlooked or hidden,
612. 24:07we're just okay, but Nvidia is just in
613. 24:09front in in front of you. Like maybe
614. 24:11it's the easiest one and it's just
615. 24:14pick what is in front of your eyes.
616. 24:16>> don't be clever about it. Yeah, just
617. 24:19just pick the thing that's sitting right
618. 24:20in front of you. Uh you have this other
619. 24:22chart that you shared that shows
620. 24:24Nvidia's demand is increasingly diverse
621. 24:26from a
622. 24:28bigger and bigger customer set, but I
623. 24:30know that the criticisms in of Nvidia,
624. 24:33similar to Anthropic or Open AI, is that
625. 24:36it relies on too few customers for its
626. 24:38business, but it looks like things are
627. 24:41moving in a different direction. Can you
628. 24:42explain what you're seeing as far as
629. 24:45their
630. 24:46uh demand and their customer base?
631. 24:48>> Yeah, so usually Nvidia is not too
632. 24:51explicit on this until they they release
633. 24:53it, as we we understand. But clearly,
634. 24:56they they wanted to be clear on like the
635. 24:58fact that
636. 25:00it's often a concern when it's a company
637. 25:02like this or like you mentioned that
638. 25:04they have big and even if the IPOs of
639. 25:07the companies don't go well, it could
640. 25:09hurt them. So, they're like trying to
641. 25:12diversify on maybe customers they have
642. 25:15concentration and I think we're seeing
643. 25:17it like you said, it's the there is many
644. 25:20avenues of growth that it are still
645. 25:23untapped for them like robotics,
646. 25:25inference seems like something that will
647. 25:28gain a lot of traction and they they can
648. 25:30even make their own maybe models or like
649. 25:34you know, everything that they buy from
650. 25:36orders, they're so big probably they can
651. 25:38do it from their own on their own if
652. 25:41they they don't have the
653. 25:42if it's derivative or they can't secure
654. 25:45the supply, you know.
655. 25:47>> I think that makes sense. Um, I do
656. 25:49personally still own Nvidia. I've been
657. 25:51in it for a while and I don't plan to
658. 25:53sell it. Knock on wood, I I hope nothing
659. 25:56happens in the near term, but I I do
660. 25:59think
661. 26:00this business is so involved in so many
662. 26:02different parts of the economy, the AI
663. 26:05build-out. There's no company, it seems,
664. 26:07in tech that doesn't have a deal with
665. 26:09Nvidia in some way.
666. 26:11That to me seems on one hand risky. It
667. 26:14almost makes us believe it's too big to
668. 26:16fail. Maybe it is, maybe it isn't, but I
669. 26:19don't see this AI boom any ending that
670. 26:23soon. So, I think Nvidia will stand to
671. 26:25benefit from from this.
672. 26:27Jeremy, where can we send people to find
673. 26:29more of your work?
674. 26:31>> Uh, I would say on our Substack page,
675. 26:34which is Orrian Research. We also have
676. 26:37an account on X uh for Orrian Research
677. 26:40as well and we have a website that is on
678. 26:43orrianresearch.com.
679. 26:45>> Amazing. I really appreciate your time.
680. 26:47I think you had some very under the
681. 26:49radar stock picks here, which those are
682. 26:52always my favorite things to learn
683. 26:54about. So, thank you very much, Jeremy.
684. 26:56>> Thank you, Phil, for having me on.